Wealthy Celebrities Who Became Broke AF
Aaron Carter
In 2009 he owed the IRS $1 million in back taxes.
Aaron Carter is a 31 year old pop singer and rapper best known for being a pre-teen music idol in the early 2000’s. Aaron’s debut album sold over 1 million copies when he was just 9 years old. He became an instant star among the pre-teen and teenage audiences. He toured the world with the Back Street Boys, a very successful boy band at the time, because Aaron’s older brother Nick was in the group. Aaron released four studio albums by the time he was 15, all going Gold or Platinum. Aaron claimed that when he was 18 he had made over $200 million. But being a child star meant that his money situation was being handled by his parents. Unfortunately, his parents were mismanaging his money pretty bad. Aaron said that in 2002 he signed over millions of dollars over to his parents so they could pay the IRS back for not paying taxes on Aaron’s endeavors. In 2009, when Aaron turned 18, he was hit again by a lawsuit from the IRS saying he owed $1 million in taxes. In 2013 Aaron filed for Bankruptcy and was $150,000 dollars in debt. His total assets at the time were just over $8,000. In 2018, after more than 15 years of not releasing music Aaron put out an album titled Love. He’s back in the music game grinding it out to make another $200 million
Dennis Rodman
In 2012, Rodman could barley afford his living expenses.
Dennis Rodman is a 58 year old former professional basketball player for the NBA. He played for teams like the Chicago Bulls (teammate of Michael Jordan), Detroit Pistons, LA Lakers and the Dallas Mavericks. He was known for his great defense and rebounding abilities. Rodman was also known for his eccentric personality, a lot of which was covered in the tabloids. He was apart of many controversies and antics. He had multiple piercings on his face, dyed his hair all sorts of colors and got in fights during games. Rodman was known as the “bad boy” type. He dated pop superstar Madonna and was briefly married to actress Carmen Electra. He became notoriously known world wide when he befriended North Korean dictator Kim Jong-un in 2013. After retiring from basketball, Rodman fought in the professional wrestling league nWo alongside Hulk Hogan in two events, and of course had his own tv show called The Rodman World Tour.
In 2012, Rodman reportedly owed over $800,000 in back child support. While he was trying to pay that off he couldn’t afford his current child support payments and could barely afford his own living expenses. Recently in 2019, owners of a yoga studio in Newport Beach accused Rodman of stealing thousands of dollars worth of goods. Allegedly, he took a 400 pound amethyst crystal which was on sale for $2,500. Apparently, Rodman’s friend tried to carry the 400 pound crystal on his own but dropped it on the floor. The yoga studio owners said it damaged the floor pretty badly. Also, allegedly Rodman’s friends took some clothing. Rodman claims that everything he took was a gift by the owners.
MC Hammer
MC Hammer spent $500,000 a month to provide for his entourage.
The rapper MC Hammer had the first hip hop album to sell over ten million copies. By 1991 Hammer was at the peak if his stardom and was making $33 million a year. That’s pretty sweet but he was also spending half a million a month to provide for him and his 40 member entourage. He was also paying his 200 person staff he had at his mansion all the time. Speaking of his mansion, Hammer spent over 30 million dollars and built himself a paradise. He had gold plated gates, Italian marble floors, a full size movie theater, 2 swimming pools, a baseball diamond and multiple tennis courts. He also owned several luxury cars, 2 private helicopters and a private jet. Hammer like horses so he had 19 thoroughbreds racing horses, all costing at least a million each.
All was going good until the singer kept getting sued for Copyright infringements. The most famous one was Rick James claiming that Hammer stole the bass riff for “U Can’t Touch This” from James’ song “Super Freak.” Hammer ended up having to give Rick James a huge cut of the song’s royalties. In 1996, Hammer was $13 million in debt so he filed for bankruptcy. He had to sell his assets for a fraction of the price he paid for them. MC Hammer then became a minister and paid his bills that way. He still tours today with his music and has said he’s invested in some startup tech companies in Silicone Valley. Maybe MC Hammer will be the next Elon Musk or Mark Zuckerberg.
T-Pain
Had to borrow money to get his kids Burger King.
T-Pain is a 34 year old two-time Grammy winning American rapper and singer. In 2007 his second album, Epiphany, reached number 1 on the US Billboard 200 Chart. So far in his career he has had 6 huge chart-peaking songs, among the most known being, “Buy U a Drank.” In an interview T-Pain once said that he had $40 million dollars in his bank account. But after a series of investments gone bad and also having terrible spending habits he went broke. It got so bad he had to borrow money to get his kids Burger King. T-Pain was quoted saying “Now I know what the high end is and the low end is. I’ve been broke, right in the middle of thinking I was mega-rich, and then got rich again, and you know, learned how to really give a sh** about your money.” He continued. “Once you give a sh** about the money you’re making, then you feel much better about your accomplishments, you feel much better about what you’re doing, you start paying attention to your work that makes you money.” T-Pain definitely learned his lesson. He has gotten out of his financial problems by making more music and having better money management.
50 Cent
50 Cent made $100 million in 2007 but filed bankruptcy by 2016.
50 Cent is a 44 year old rapper, actor and businessman from Queens, New York. In 2002 he was discovered by Eminem who signed him to Shady Records. Dr. Dre produced 50 Cent’s debut album, Get Rich Or Die Trying and it was an instant success. Throughout 50 Cent’s rap career he sold over 30 million albums, won several awards, and is considered by many to be one of the best rappers of the 2000’s. He branched out to acting as well, starring in a semi-biographical film about his life also called Get Rich Or Die Trying. 50 Cent made a lot of money by making music but he made even more in his business ventures. He has invested in several types of industries and it paid off. One of these businesses was an enhanced water company called Glaceau, which Coca-Cola bought for $4.1 billion in 2007. 50 Cent reportedly made $100 million from that deal after taxes.
But you can lose money just as fast as you can make it. In 2016, 50 Cent filed for bankruptcy. He was $32.5 million in debt. He racked it all up in lawsuits against him, missing child support payments and bad investments. But he’s back in the studio today trying to get it all back. He’s working on his sixth studio album called Street King Immortal.
Mike Tyson
Mike Tyson went form making $400 million to owing $20 million.
Mike Tyson was one of the greatest boxers in the sport. He was the youngest boxer to win the heavyweight championship of the world at just 20 years old. His first 19 professional fights were won by knockout. 12 of those were in the first round. He was an absolute beast. Tyson competed 20 years from 1985-2005 and made $400 million. But in 2003 the champ filed bankruptcy because he was over $20 million in debt. He owed money to the IRS, the British tax authorities, his financial manager, a music producer, lawyers and even his personal trainer. He also owed $9 million in a divorce settlement and was behind on child support.
Tyson seems to be doing better now though. He acted in some Hollywood movies and owns a weed based company called Tyson Holistic Holdings. The company grows several strains of high-grade cannabis which is the utilized in several different types of marijuana products. Tyson also has big plans for the future. He wants to build a 407 acre resort with the world’s longest lazy river. He wants to start “Tyson University” where people who want to become bud farmers can go and learn the business. He even wants to create a weed themed resort where its patrons can throw “marijuana parties.”
Nicolas Cage
Nicolas Cage has insane spending habits, he bought 9 Rolls Royces in one year.
Nicolas Cage is a 55 year old academy award winning Hollywood actor and filmmaker. He became a big blockbuster leading man starting in the late 90’s. His big movies include; Leaving Las Vegas, The Rock, Face/Off, Con Air, Adaption, Lord of War, National Treasure, Ghost Rider, Kick Ass and Spider-Man: Into the Spider-Verse. He’s been one of Hollywood’s biggest stars. He made $40 million in 2009 alone. He reportedly made $150 million from 1996-2011 just by his acting.
While Nic Cage is known world wide by his films he is also notoriously known for his spending habits. He bought a 7 million dollar island in the Bahamas. He bought millions of dollars worth of different types of cars; supercars, classic cars and luxury cars. He had 22 of them. He bought 9 Rolls Royces in 2007 alone. He bought not 1 but 4 yachts. He bought a famous haunted house and many other properties, including 15 estate homes and 2 European castles. He purchased a private jet. He likes to collect weird things so he bought a dinosaur skull and some Pygmy shrunken heads. Nic likes his exotic pets so he purchased a shark, octopus and a crocodile. He has already bought his grave, which is a pyramid tomb. He also likes to collect art, rare comic books and high end jewelry. In 2008 the IRS placed tax liens on multiple properties of his because he failed to pay his taxes in 2007 and owed them $6.2 million. Nic had to sell much of his treasured belongings to pay the debt. But Nic Cage is Nic Cage so he continues to act in films and continues to get paid big bucks. It might not be what he use to make in his heyday but as of May 2017 he had a net worth of $25 million.
Micheal Jackson
Michael Jackson died $400 million in debt.
Michael Jackson was one of the most famous and talented musicians in history. He was known as the “King of Pop” and was considered one of the most significant figures in the 20th century. For over four decades he was a leading musician in the world and his brand was worth over a billion dollars. Like many people who earn a lot of money they also like to spend a lot of money. Micheal Jackson spent so much money he had to take out loans. He also had to settle multiple million dollar lawsuits in his lifetime. Jackson reportedly spent $20-30 million more than he earned a year. After Michael Jackson’s death a forensic accountant estimated that he was $400-500 million in debt. It doesn’t matter now though, in just a year after he passed away his music earned his estate around $400 million. He has been the highest grossing late artist since 2012.
